Property loan stock company ApexHi (APA) is investing 452 million rand in refurbishing some of the properties in its portfolio.
For the 2007 financial year, which ended in June, the company had spent 225 million rand on refurbishments and has a further 226.5 million approved for the 2008 financial year, it said on Wednesday.
David Rice, the MD of ApexHi said that the investment is intended to maintain and improve the quality of the buildings, and refurbishments are often undertaken in conjunction with the signing of new leases or the renewal of leases.
The majority of the refurbishments are in the retail portfolio, which include some projects such as a 40 million rand upgrade of the Durban's Berea Centre, a 100 million rand extension and revamp of Golden Walk in Germiston, and a 38 million rand revamp of Ermelo Mall.
Rice added that the company is currently considering an additional 310 million rand worth of potential refurbishments, that could be undertaken if they are yield enhancing and substantially pre-let to approved tenants.
I-Net Bridge
Publisher: I-Net Bridge
Source: I-Net Bridge
